Destin, FL Foreclosures - Why Hire a Real Estate Agent?

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DESTIN, FL FORECLOSURES

WHY DO YOU NEED A REALTOR WHEN BUYING AND SELLING FORECLOSURES AND SHORT SALES?

Buying and selling short sales and bank owned properties can be a very rewarding process. Our current shift to a distressed market makes real estate agents even more valuable to buyers and sellers of distressed properties. These types of transactions are not typical and require a high level of expertise. One should hire a real estate agent that has the experience and training needed to successfully close one of these transactions. I am a certified distressed property expert (CDPE) www.cdpenow.com and I have also completed "Short Sale Superstars" training www.shortsalesuperstars.com. I personally endorse both of these systems and feel any Realtor would benefit from taking these courses. I have successfully closed both short sales and bank owned (REO) properties and I have to tell you they are not your standard real estate transactions. Below are some common issues when dealing with distressed properties.

Short Sales and Bank Owned Foreclosures (REO) - Why do you need a Real Estate Agent?

• What is the correct way to complete a short sale package for a short sale listing?
• What is the correct pricing strategy and price reduction strategy for short sale listings and REOs?
• When buying short sales and foreclosures, listing prices can vary. The important factor is "value". A realtor can provide you with a CMA Report "Comparative Market Analysis". This report will show you the current value and help you make the correct offer. There are many overpriced short sales and foreclosures. Understanding the true value is critical and Realtors have access to superior CMA reporting through their local MLS. This will save you money and prevent you from overpaying.
• What contract do I use? In Florida, we have the FAR, FARBAR, FAR WITH AS IS ADDENDUM, FAR BAR AS IS, and the SHORT SALE ADDENDUM. Different contracts should be used in different situations. For example, I feel the FAR/BAR AS IS contract works best when representing buyers of distressed properties because of the inspection period language.
• Who is the best property inspector for REO's and Short Sales? Foreclosures and Short Sales are typically sold AS/IS. Do not let the name deceive you. An AS/IS sale is not a bad thing. It is critical that you have a good inspector to point out any issues with the property and have the correct inspection period language in your contract. Also, understand that utilities may have to be turned on for the inspection and the home may have been without power for months or years.
• How do I negotiate with the Bank? There are many factors to consider when negotiating with the bank. How long has the property been on the market? Is it a local bank or larger Bank? Is it a short sale or a foreclosure? What is the condition of the property? The list goes on and on. A realtor can advise you on all of these situations.

A Realtor with distressed property experience has now become a necessity. I encourage all realtors to embrace this new market and I encourage all buyers and sellers of Real Estate to hire a Realtor with distressed property training and experience before entering into one of these complex transactions.

Clayton Bonjean, Broker, MBA, CDPE, Short Sale Superstar

850-585-1284

Clayton@mainsailrealtycompany.com

www.mainsailrealtycompany.com

*Servicing Destin, Sandestin, Santa Rosa Beach, Miramar Beach, WaterColor, Rosemary Beach and surrounding areas.